MODELS is a specific targeted research project running from 2006 to 2009, co-funded by the European Commission and co-ordinated by E3MLab of Institute of Communication and Computer Systems (ICCS) at National Technical University of Athens, Greece.

The project involves four major general equilibrium and macroeconomic models developed in Europe namely GEM-E3 (E3MLab), WorldScan (CPB), MIRAGE (CEPII), NEMESIS (ERASME).

The scientific objective of the MODELS project is to develop advanced economic modelling methodologies and to support the European Commission services to operate this suite of advanced computer-based economic modelling tools in order to perform comprehensive impact assessments of the policy agenda set for the Lisbon strategy and the related regulation and legislative proposals of the European Union.

The main fields of policy relevance are economic, social, and environmental renewal and sustainability.

The Lisbon Strategy is heavily based on the economic concepts of:

¨Innovation as the motor for economic change

¨The “learning economy”

¨Social and environmental sustainability

Under the strategy, a more competitive economy will drive job creation in the EU, alongside social and environmental policies that ensure sustainable development and social inclusion, which will themselves drive economic growth even further.